Auditor Report of Technojet Consultants Ltd.

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of TECHNOJET CONSULTANTS LIMITED, Mumbai ("the Company"), which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) (Amendment) Order, 2004 (together ''the Order''), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect Section 133 of the Companies Act, 2013.;

e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act;

The Annexure referred to in paragraph 1 of the our Report of even date to the Members of "Technojet Consultants Limited" on the accounts of the Company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. The Company had no inventories, hence there are not statements to be made on the matters contained in para 4(ii) of CARO.

3. (a) The Company had not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) The Company had not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our Opinion there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. No major weaknesses in the internal controls have been observed during the course of audit.

5. Based on the audit procedures applied by us and according to the information and explanation provided by the Management, we are of the opinion that there were no contracts or arrangements referred to in Section 301 of the Act that needed to be entered into the Register required to be maintained under that Section.

6. The Company has not accepted any deposits from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 or any other relevant provision of the Act and the rules framed there under.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As informed to us the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. (a) Based on the audit procedures applied by us and according to the information and explanation provided by Management, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues as may be applicable with the appropriate authorities. There are no arrears of undisputed outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.

(b) There are no disputed dues and hence question of details does not arise.

10. The Company has no accumulated losses at the end of the financial year. The Company has not incurred cash loss in the current year or immediately preceding financial year.

11. The Company has not obtained borrowings from financial institutions during the year ended 31st March, 2014.

12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, there is no statement to be made on the matters contained in para 4 (xii) of CARO.

13. In our opinion, and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statue applicable to chit fund or a nidhi /mutual benefit fund/society.

14. In our opinion, the Company has maintained proper records of the transactions and contracts of shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments are held in its own name except to the extent of exemption if any granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company had not during the year given any guarantee for loans taken by others from a banks or financial institutions.

16. The Company has not obtained any term loans as of 1st April, 2013 or during the year.

17. On the basis of an overall examination of the Balance Sheet as at 31st March, 2014 and the information and explanations given to us, funds raised on short-term basis have prima facie, not been used for long-term investment by the Company.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any debentures during the year and no debentures were outstanding as on 1st April, 2013.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given by the management, no fraud on or by the Company has been noticed or reported during the year.

For D.R.Kothari & Co., Chartered Accountants (Firm Registration No.105301W)

(D.R.Kothari) Proprietor (Membership No.4337)

Mumbai, dated: 26th May, 2014

---

Mar 31, 2013

We have audited the accompanying financial statements of TECHNOJET CONSULTANTS LIMITED. Mumbai ("the Company''), which comprise the Balance Sheet as at March 31. 2013 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, in making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate In the Circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our Information and according to the explanations given to us, the financial statements give Ine Information required by the Act in the manner so required and give a true and feir view in conformity with the accounting principles generally accepted In India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order. 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 (together the Order1), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act. we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order

2. As required by section 227(3) of the Act, we report that

a. we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956:

e. on the basis of written representations received from the directors as on March 31. 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31; 2013, from being appointed as a director In terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

The Annexure referred to In paragraph 1 of the our Report of even date to the Members of "Technojet Consultants Limited" on the accounts of the Company for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals: no material discrepancies were noticed on such verification.

c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2 The Company had no inventories, hence there are not statements to be made on the matters contained In para 4(ii) of CARO.

3, (a) The Company had not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) The Company had not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 Thus sub clauses (f) & (g) are not applicable to the company.

A. In our Opinion there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. No major weaknesses in the internal controls have been observed during the course of audit,

5. Based on the audit procedures applied by us and according to the Information and explanation provided by the Management, we are of the opinion that there were no contracts or arrangements refined to in Section 301 of the Act that needed to be entered Into the Register required to be maintained under that Section.

6. The Company has not accepted any deposits from the public within the meaning cf the provisions of Section 58A and 58AA of the Companies Act, 1956 or any other relevant provision of the Act and the rules framed there under.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8 As informed to us the maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) or the Companies Act, 1956. in respect of the activities carried on by the Company

9, (a) Based on the audit procedures applied by us and according to the information and explanation provided by Management, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State insurance, Income-tax, Sales- tax. Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues as may be applicable with the appropriate authorities. There are no arrears of undisputed outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.

(b) There are no disputed dues and hence question of details does not arise.

10. The Company has no accumulated losses at the end of the financial year. The Company has not Incurred cash toss in the current year or immediately preceding financial year.

11. The Company has not obtained borrowings from financial institutions during the year ended 31st March. 2013

12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures end other securities. Hence, there is no statement to be made on the matters contained in para 4 (xii) of CARO.

13. in our opinion, and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statue applicable to chit fund or a nidhi /mutual benefit fund/society.

14. In our opinion, the Company has maintained proper records of the transactions and contracts of shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments are held in its own name except to the extent of exemption if any granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company had not during the year given any guarantee for loans taken by others from a banks or financial institutions.

16. The Company has not obtained any term loans as of 1B! April, 2012 or during the year.

17. On the basis of an overall examination of the Balance Sheet as at 31st March, 2013 and the information and explanations given to us, funds raised on short-term basis have prima fade, not been used for long-term investment by the Company.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not Issued any debentures during the year and no debentures were outstanding as on 1st April, 2012.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given by the management, no fraud an or by the Company has bean noticed or reported during the year

For D.R.Kothari&Co..

Chartered Accountants

(Firm Registration No. 105301W)

(D.R.Kothari)

Proprietor

(Membership No 4337)

Mumbai, dated: 23 MAY 2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of TECHNOJET CONSULTANTS LIMITED, Mumbai as at 31st March 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express our opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, proper Books of Accounts as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received.

(c) The balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the Books of Account.

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of sub- section 1 of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said balance Sheet and the Profit and Loss Account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012.

(ii)In the case of the Profit and Loss Account, of the ‘PROFIT'' for the year ended 31st March, 2012.

(iii) in the case of Cash flow statements, of the cash flow for the year ended on that date

As per the information and explanations given to us, we report under paragraph 4 & 5 of the said order:

i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets,

(b) the management has physically verified the fixed assets during the year and no material discrepancies were noticed on such verification between the physical and book records. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and nature of its fixed assets.

(c) Since there is no disposal of substantial part of fixed assets during the year paragraph 4(i)(c) of the said order is not applicable.

ii) As there is no stock in trade the question in paras ii) (a) (b) (c) do not require.

iii)

(a) (i) The Company has not granted loans, secured or unsecured to the companies/firms or others parties listed in the Register maintained under Section 301 of the Companies Act, 1956 and hence number of parties and maximum balance does not arise.

(ii) The question of rate of interest and the terms and conditions of loans granted, secured or unsecured, are prima facie not prejudicial to the interest of the Company does not arise.

(iii) The question of payment of the principal amount of the above loans and interest thereon does not arise.

(iv) The question of overdue amounts on the above loans not exceeding Rs.1 lac and taking reasonable steps does not arise.

(b) (i) The Company has not taken any loans secured or unsecured from the companies/firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(ii) Since the Company has not taken loans secured or unsecured from companies/firms or other parties listed in the register maintained under Section 301 of the Act, paragraphs 4(iii)(f) and (g) of the said order are not applicable.

iv) There are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services in our opinion there is no weakness in internal control system.

v) The Company has not entered into any transaction that need to be entered into a register in pursuance of section 301 of the Act and so paragraphs 4 (v) (a) and 4 (v) (b) of the said Order are not applicable.

vi) The Company has not accepted any deposits from the public and thus paragraph 4 (vi) of the said Order is not applicable.

vii) The Company is having internal audit system commensurate with the size of the Company.

viii) The activities carried on by the Company are not covered for maintenance of cost records under Section 209(1 )(d) of the Act.

ix) (a) The statutory dues payable by the Company comprises of income-tax, tax deducted at source and profession tax only. According to the records of the Company, it is observed that the Company has deposited its dues with appropriate authorities.

No undisputed amounts in respect of the statutory dues referred to the above were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) There are no disputed dues and hence question of details does not arise.

x) The Company has no accumulated losses in the immediately preceding financial year.

xi) The Company has not obtained borrowings from financial institutions during the year ended 31st March, 2012.

xii) Since the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities paragraph 4(xii) of the said Order is not applicable.

xiii) As the Company is not a nidhi / mutual benefit fund / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the said Order is not applicable.

xiv) The Company is dealing or trading in shares, securities, debentures and other investments and is maintaining proper records of the transactions and contracts and making timely entries therein. The shares, securities and debentures have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The Company has not obtained term loan from Bank/s, hence question of utilization does not arise.

xvii) No short term loans have been used for the acquisition of long term investments.

xviii) As there was no allotment of shares during the year question of preferential allotment does not arise.

xix) The Company has not issued any debentures during the year hence question of creating security or charge does not arise.

xx) Since the Company has not raised any money by way of public issue during the year, paragraph 4(xx) of the said Order is not applicable.

xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

D.R. KOTHARI & CO.

Chartered Accountants

Firm Reg No. 105301W

D.R.KOTHARI

Proprietor

Place: Mumbai.

Date : 31 MAY 2012

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of TECHNOJET CONSULTANTS LIMITED, Mumbai as at 31st March 2011 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express our opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, proper Books of Accounts as required by law have been kept by the Company so far as appears from our examination of those Books and proper returns adequate for the purpose of our audit have been received.

(c) The balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the Books of Account.

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2011 from being appointed as a Director in terms of Clause (g) of sub- section 1 of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said balance Sheet and the Profit and Loss Account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2011.

(ii) In the case of the Profit and Loss Account of the 'LOSS' for the year ended 31st March, 2011.

ANNEXURE TO AUDITORS REPORT As per the information and explanations given to us, we report under paragraph 4 & 5 of the said order:

i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) the management has physically verified the fixed assets during the year and no material discrepancies were noticed on such verification between the physical and book records. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and nature of its fixed assets.

(c) Since there is no disposal of substantial part of fixed assets during the year paragraph 4(i)(c) of the said order is not applicable.

ii) (a) The inventories were physically verified by the management at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of its inventories and no discrepancies were noticed on such physical verification between physical stock and the book records.

iii) (a) (i) The Company has not granted loans, secured or unsecured to the companies/firms or others parties listed in the Register maintained under Section 301 of the Companies Act, 1956 and hence number of parties and maximum balance does not arise.

(ii) The question of rate of interest and the terms and conditions of loans granted, secured or unsecured, are prima facie not prejudicial to the interest of the Company does not arise.

(iii)The question of payment of the principal amount of the above loans and interest thereon does not arise.

(iv) The question of overdue amounts on the above loans not exceeding Rs.1 lac and taking reasonable steps does not arise.

(b)(i) The Company has not taken any loans secured or unsecured from the companies/firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(b)(ii) Since the Company has not taken loans secured or unsecured from companies/firms or other parties listed in the register maintained under Section 301 of the Act, paragraph 4(iii)(f) and (g) of the said order are not applicable.

iv) There are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services in our opinion there is no weakness in internal control system.

v) The Company has not entered into any transaction that need to be entered into a register in pursuance of section 301 of the Act and so paragraphs 4 (v) (a) and 4 (v) (b) of the said Order are not applicable.

vi) The Company has not accepted any deposits from the public and thus paragraph 4 (vi) of the said Order is not applicable.

vii) The Company is having internal audit system commensurate with the size of the Company.

viii) The activities carried on by the Company are not covered for maintenance of cost records under Section 209(1)(d) of the Act.

ix) (a) The statutory dues payable by the Company comprises of income-tax, tax deducted at source, sales tax and profession tax only. According to the records of the Company, it is observed the Company has deposited its dues with appropriate authorities.

No undisputed amounts in respect of the statutory dues referred to the above were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

(b) There are no disputed dues and hence question of details does not arise.

x) The Company has no accumulated losses in the immediately preceding financial year.

xi) The Company has not obtained borrowings from financial institutions during the year ended 31st March, 2011.

xii) Since the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities paragraph 4(xii) of the said Order is not applicable.

xiii) As the Company is not a nidhi / mutual benefit fund / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the said Order is not applicable.

xiv) The Company is dealing or trading in shares, securities, debentures and other investments and is maintaining proper records of the transactions and contracts and making timely entries therein. The shares, securities and debentures have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The Company has not obtained term loan from Banks, hence question of utilization does not arise.

xvii) No short term loans have been used for the acquisition of long term investments.

xviii) As there was no allotment of shares during the year question of preferential allotment does not arise.

xix) The Company has not issued any debentures during the year hence question of creating security or charge does not arise.

xx) Since the Company has not raised any money by way of public issue during the year, paragraph 4(xx) of the said Order is not applicable.

xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

D.R. KOTHARI & CO.

Chartered Accountants

Firm Reg No.105301W

Sd/-

D. R. KOTHARI

D.R.KOTHARI

Proprietor

Mumbai, 31st MAY 2011

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Mar 31, 2010

1. We have audited the attached Balance Sheet of TECHNOJET CONSULTANTS LIMITED, Mumbai as at 31st March 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express our opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, proper Books of Accounts as required by law have been kept by the Company so far as appears from our examination of those Books and proper returns adequate for the purpose of our audit have been received.

(c) The balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the Books of Account.

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a Director in terms of Clause (g) of sub- section 1 of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said balance Sheet and the Profit and Loss Account read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2010.

(ii) In the case of the Profit and Loss Account of the 'LOSS' for the year ended 31st March, 2010.

ANNEXURE TO AUDITORS REPORT As per the information and explanations given to us, we report under paragraph 4 & 5 of the said order:

i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) the management has physically verified the fixed assets during the year and no material discrepancies were noticed on such verification between the physical and book records. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and nature of its fixed assets.

(c) Since there is no disposal of substantial part of fixed assets during the year paragraph 4(i)(c) of the said order is not applicable.

ii) (a) The inventories were physically verified by the management at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of its inventories and no discrepancies were noticed on such physical verification between physical stock and the book records.

iii)(a)(i) The Company has granted loans, secured or unsecured to the companies/firms or others parties listed in the Register maintained under Section 301 of the Companies Act, 1956 during the year. It is to only one party and maximum amount outstanding at any time during the year is Rs.2,75,000/-

(ii) The rate of interest and the terms and conditions of loans granted, secured or unsecured, are prima facie not prejudicial to the interest of the Company.

(iii)The payment of the principal amount of the above loans and interest thereon are also regular.

(iv) The overdue amounts on the above loans are not exceeding Rs.1 lac the question of taking reasonable steps does not arise.

(b)(i) The Company has not taken any loans secured or unsecured from the companies/firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(b)(ii) Since the Company has not taken loans secured or unsecured from companies/firms or other parties listed in the register maintained under Section 301 of the Act, paragraph 4(iii)(f) and (g) of the said order are not applicable.

iv) There are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services in our opinion there is no weakness in internal control system.

v) The Company has not entered into any transaction that need to be entered into a register in pursuance of section 301 of the Act and so paragraphs 4 (v) (a) and 4 (v) (b) of the said Order are not applicable.

vi) The Company has not accepted any deposits from the public and thus paragraph 4 (vi) of the said Order is not applicable.

vii) The Company is having internal audit system commensurate with the size of the Company.

viii) The activities carried on by the Company are not covered for maintenance of cost records under Section 209(1)(d) of the Act.

ix) (a) The statutory dues payable by the Company comprises of income-tax, tax deducted at source and profession tax only. According to the records of the Company, it is observed the Company has deposited its dues with appropriate authorities.

No undisputed amounts in respect of the statutory dues referred to the above were outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

(b) There are no disputed dues and hence question of details does not arise.

x) The Company has no accumulated losses in the immediately preceding financial year.

xi) The Company has not obtained borrowings from financial institutions during the year ended 31st March, 2010.

xii) Since the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities paragraph 4(xii) of the said Order is not applicable.

xiii) As the Company is not a nidhi / mutual benefit fund / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the said Order is not applicable.

xiv) The Company is dealing or trading in shares, securities, debentures and other investments and is maintaining proper records of the transactions and contracts and making timely entries therein. The shares, securities and debentures have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The Company has not obtained term loan from Banks, hence question of utilization does not arise.

xvii) No short term loans have been used for the acquisition of long term investments.

xviii) As there was no allotment of shares during the year question of preferential allotment does not arise.

xix) The Company has not issued any debentures during the year hence question of creating security or charge does not arise.

xx) Since the Company has not raised any money by way of public issue during the year, paragraph 4(xx) of the said Order is not applicable.

xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

D.R. KOTHARI & CO.

Chartered Accountants

Firm Reg No.105301W

SD/-

D.R.KOTHARI

D.R.KOTHARI

Proprietor

Mumbai, 31st MAY 2010

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Mar 31, 2002

A We have audited the attached Balance Sheet of TECHNOJET CONSULTANTS LIMITED, Mumbai as at 31st March 2002 and also the Profit and Loss Account of the Company for the year ended 31st March 2002 annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express our opinion on these financial statements based on our audit.

B We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

C As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

2. In our opinion, proper Books of Accounts as required by law have been kept by the Company so far as appears from our examination of the Books of account.

3. The Balance Sheet and Profit and Loss Account, dealt with by the Report are in agreement with the Books of Account.

4. On the basis of written representations received from the Directors as on 31st March, 2002 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2002 from being appointed as a Director in terms of Clause (g) of sub-section 1 of Section 274 of the Companies Act, 1956.

5. In our opinion, the Profit and Loss Account and Balance Sheet comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act.

6. In our opinion and to the best of our information and according to the explanations given to us, the accounts along with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2002.

(ii) In the case of the Profit and Loss Account of the LOSS for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

Referred to in paragraph C of our Report of even date on the accounts for the year ended on 31st March, 2002 of TECHNOJET CONSULTANTS LIMITED.

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

All the assets have been physically verified by the Management during the year and no material discrepancies were noticed on verification.

2. None of the Fixed Assets have been revalued during the year.

3. The Company has not obtained Loans from companies, firms or other parties listed in the Register maintained under section 301 and 370 of the Companies Act, 1956, under the same management under section 370(1 B) of the Companies Act, 1956, hence the question does not arise for comment on rate of interest etc.

4. The Stock of Raw Materials, components and finished goods have been verified by the management at reasonable intervals during the year.

5. We have been informed that no material discrepancies have been noticed by the management on physical verification as compared to book of records.

6. We are satisfied that the valuation of these stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the earlier year.

7. The Company has advanced loans to Companies, firms or other parties listed in Register maintained under section 301 and 370(1C) and/or the Companies under the same management under section 370(1B) and according to explanations and information given to us, rate of interest and other terms of such loans are prima facie not prejudicial to the interest of the Company.

8. The parties to whom loans and advances have been given are re-paying the principal amounts as stipulated and are also regular in payment of interest were applicable.

9. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of stores, plant and machinery equipment and sther assets and stores for the sale of goods.

10. There are no contracts or arrangements to be entered in the register(s) maintained under section 301 of the Companies Act, 1956 for purchase of raw materials and goods or sale of goods.

11. As per explanations and information given to us there are no unserviceable or damaged stores and hence question of provision does not arise.

12.The Company has not accepted any deposits from the public.

13.As per explanations and information given to us there are no by-products and realizable scrap.

14. The Government has not prescribed cost records under section 209(1 )(d) of the Companies Act, 1956.

15. The Companys paid-up capital at the commencement of the year is below Rs.25 lacs and average annual turnover does not exceed Rs.2 crores, the Company does not have internal audit system.

16. We have informed that:

(i) Provident Fund Act is not applicable, as the number of employees does not exceed 20.

(ii) The Company has been legally advised that Employees State Insurance Scheme is not applicable. But the Company has been voluntarily contributing to Provident Fund and payments have been regularly made.

17.There was no amount outstanding as on 31.3.2002 in respect of undisputed, Income-tax, Sales-tax, Custom duty and Excise Duty which were due for more than six months from the date they became payable.

18. No personal expenses have been charged to revenue account.

19. The Company is not a Sick Industrial Company under the provisions of Section 3(1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985.

20. The Company has reasonable systems of:

(i) Recording receipts and issues of materials and allocating materials consumed as well as

(ii) Allocating man-hours utilized to the relative job and

(iii) Authorization at proper levels and internal control commensurate with the size of the Company and nature of its business.

For and on behalf of D.R. KOTHARI & CO. Chartered Accountants D. R. KOTHARI Proprietor

Mumbai - Dated 27 June, 2002.